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Author Question: Here is selected data for Lorelei Corporation:Cost of raw material purchased$75,000Cost of ... (Read 82 times)

crazycityslicker

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on: Jan 4, 2020
Here is selected data for Lorelei Corporation:

Cost of raw material purchased$75,000
Cost of requisitioned direct materials    41,000
Cost of requisitioned indirect materials2,000
Direct labour75,000
Manufacturing overhead incurred    95,000
Cost of goods completed  226,750
Cost of goods sold138,000
Beginning raw materials inventory    15,000
Beginning work in process inventory32,000
Beginning finished goods inventory31,000
Manufacturing overhead allocation rate (based on direct labour)       125%


At Lorelei Corporation the journal entry to close manufacturing overhead would include a
◦ credit to manufacturing overhead for $1,250.
◦ debit to manufacturing overhead for $1,250.
◦ credit to manufacturing overhead for $1,450.
◦ credit to cost of goods sold for $1,250.
Managerial Accounting, Canadian Edition ¦ Braun, Tietz, Pyper ¦ 2nd Edition
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Marked as best answer by crazycityslicker on Jan 4, 2020

peter

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Reply #1 on: Jan 4, 2020
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crazycityslicker

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Reply 2 on: Jan 4, 2020
YES! Correct, THANKS for helping me on my review

alexanderhamilton

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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